Mid-Southern Bank parent to delist from Nasdaq
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Salem-based Mid-Southern Bancorp Inc. on Wednesday announced plans to voluntarily delist its common stock from The Nasdaq Stock Market. The parent of Mid-Southern Savings Bank said it also intends to deregister its common stock with the U.S. Securities and Exchange Commission.
The bank said its board of directors made the decision “based on the conclusion that the significant costs and regulatory compliance burden outweigh the benefits of remaining an SEC-reporting, Nasdaq-listed company.”
Mid-Southern intends to file a Notification of Removal from Listing with the SEC on Aug. 14, which is also expected to be its last trading day on the Nasdaq. After being delisted, the bank expects its common stock will be quoted on the OTCQX Market beginning Aug. 15, retaining the ticker symbol MSVB.
Additionally, Mid-Southern plans to file a Certification and Notice of Termination from Registration with the SEC on Aug. 24. The company’s obligation to file periodic reports with the SEC will then be suspended.
The deregistration with the SEC will become effective 90 days after the filing.
The bank said it will continue to provide stockholders with an annual report containing audited consolidated financial statements. Quarterly interim financial information will be posted to the company’s website.
Mid-Southern Bank operates branch offices in Salem, Mitchell and Orleans in Indiana, as well as loan production offices in New Albany and Louisville.